After raising $1.7 billion last year and maintaining almost complete radio silence since, messaging app Telegram is finally going public with its involvement in the Telegram Open Network (TON).
The first mention of TON and its native gram tokens appeared on Telegram's official website Tuesday morning in the form of a terms of service (ToS) for the token's wallet app. According to the ToS, Telegram will integrate the wallet into the company's flagship messaging app and also offer it as a standalone product.
"We have no control over the TON Blockchain network and therefore cannot ensure that any transaction details that you submit via the Services will be validated and confirmed on the TON Blockchain," the document reads.
The wallet is provided by the London-based Telegram FZ-LLC, one of the entities Telegram registered for messaging operations and an official publisher of the Android-based Telegram app.
According to the ToS, Telegram will not keep either personal information of its users nor their public and private keys:
The company also states it has no control over processing and verifying the transactions on TON. According to the ToS:
This is the first time Telegram has publicly acknowledged the link to TON. Neither the company's CEO, Pavel Durov, nor other company representatives have ever announced the project or commented on it.
So far, only the registration of TON's simple agreement for future tokens (SAFT) with the U.S. Securities and Exchange Commission (SEC) – which listed Telegram, Pavel Durov and his brother Nikolai – had formally linked the company to the blockchain project.
Investors bought the future gram tokens during two closed rounds in February and March of 2018 for a price of 37 cents and $1.33 each, respectively. In early September, the code for TON's blockchain nodes was released and on Oct. 2, investors received emails with links to TON's key generator (so that they can access their actual tokens). The project is scheduled to launch no later than Oct. 31.
Telegram image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.